Investing.com– Metaplanet Inc (TYO:3350) on Tuesday disclosed it had purchased an additional 518 Bitcoin, raising the Japanese hotelier turned crypto treasury’s total stash to 118,113 coins.

Metaplanet bought 518 Bitcoin for an average price of $118,519 for a total $61.4 million, bringing the value of its holdings to about $1.85 billion.

The company is the world’s sixth-largest corporate Bitcoin holder, behind miner Riot Platforms (NASDAQ:RIOT), and has steadily ramped up its purchases of the world’s biggest crypto over the past year.

Metaplanet earlier this month said it planned to raise $3.7 billion through a massive stock offering, with the goal of acquiring more Bitcoin.

The strategy is largely in line with that of Michael Saylor’s MicroStrategy Incorporated (NASDAQ:MSTR), which used a slew of successful share issuances to boost its Bitcoin holdings to 628,946 coins.

The strategy was widely successful for Microstrategy, now known as Strategy, as the company’s share price largely tracked a stellar performance in Bitcoin’s price over the past year.

Metaplanet’s shares fell 2.4% on Tuesday. Bitcoin was trading down 2.6% at $118,926.8, after coming close to record highs of over $123,000 earlier this week.